A new feature has been released on Pinetwork. This is Pi’s new lockup feature.
Translated blog post.

Source
https://minepi.com/blog/on-chain-lockup/

As introduced in the Pi2Day announcement, Pioneers who have successfully migrated to Mainnet can now voluntarily create new lockups on the blockchain! Before this feature was introduced, Pioneers could not lock up Pi even after migrating to the Mainnet blockchain or after their original lockup expired, even if they wished to. This feature addresses that need and allows migrated Pioneers to utilize lockup mining rewards.

How to Create a New Lockup

Simply tap “Lockup” in your Pi Wallet and select “Create New Lockup” to start an immediately effective lockup. Lockups are binding until the period ends. The mining boost will take effect in the next mining session after the lockup.

① Open the wallet in PiBrowser.
This is the screen showing the Pi you currently hold. At the bottom, the Pi currently locked up is displayed.
The lockup button in the middle of the screen is the new lockup feature.

② Pressing the lockup button allows you to set up a lockup if it’s possible. Unfortunately, I am currently in a period where 100% is locked up for another two years, so I don’t have any Pi to lock up newly.

Purpose of This Feature

This lockup feature is a strategic move to ensure a healthy and smooth transition aligned with the network’s growth and evolution. It particularly focuses on fostering a utility-based ecosystem grounded in app usage and real goods/services transactions, providing another opportunity for Pioneers to enhance their mining rate.

Differences from Pre-Migration Lockup

Both types of lockups use the same reward calculation method and cannot be undone once committed. However, there are differences in the Pi affected and the implementation method. Pre-migration lockup settings boost current Pi based on future lockup settings and affect the next migration. On the other hand, this new feature applies only to Pi on the Mainnet blockchain and directly locks up Pi immediately after confirmation in the wallet interface.

Introduction of 200% Lockup

Furthermore, this feature allows for a 200% lockup (200% of the currently migrated amount). Many Mainnet migrated Pioneers may receive utility-based Pi through Pi apps or local commerce, potentially having more Pi in their Mainnet wallet than the Pi they mined. In this case, they can lock up this amount to maximize their lockup mining rewards.

Impact on Open Network Progress

In line with the Open Network priorities, the introduction of a new decentralized lockup mechanism is crucial for achieving a balanced and thriving Pi ecosystem. To encourage long-term participation and self-management of Pi’s circulating supply through decentralized actions, directly introducing the new lockup feature on the blockchain adds a missing element to the Mainnet ecosystem, enabling a more decentralized effort to support the network’s utility and sustainability.

Read the lockup section of the 2021 Whitepaper for more details!

Stay tuned for updates and prepare to make the most of the new feature!

The Pi Network aims to transition to the Open Network in 2024, contingent upon meeting specific conditions and strategic goals. This transition depends on community cooperation and the influence of external factors. For a complete understanding of the requirements affecting Open Network progress, please refer to the full announcement.